BUD: Anheuser-Busch Buys Up Craft Brewer Blue Point

BUD stock is down Wednesday

Anheuser-Busch (BUD) has purchased Long-Island based Blue Point Brewing Company in an attempt to offer more quality craft beers.

The largest brewer in the U.S. purchased Blue Point which calls itself “Long Island’s oldest and most award-winning brewery.” The deal is expected to close in the second quarter but no other details have been disclosed.

Blue Point co-founder Mark Burford said that the union with Anheuser-Busch will help the brand distribute its old beers and create new ones. Burford’s brand has been around for 15 years and it will continue to operate in Patchogue, NY.